ADA and DOGE Dip 4% as Bitcoin Traders Hold Off Ahead of Payroll Release

Cardano (ADA) and Dogecoin (DOGE) Drop 4% as Market Awaits Key U.S. Payrolls Data

Cardano (ADA) and Dogecoin (DOGE) saw a 4% decrease over the past 24 hours, leading the losses among major cryptocurrencies as traders await the release of the U.S. payrolls report for potential market-moving insights.

Bitcoin (BTC) traded just above $97,300 on Friday morning in Europe, marking a 1.7% decline in the past 24 hours. The broader CoinDesk 20 index, a measure of the largest digital assets by market capitalization, also saw a 2.3% drop.

“Bitcoin struggled to break through the $99K resistance level overnight, triggering a broad market selloff that pushed BTC down to a new daily low of $95.6K,” said QCP Capital, a Singapore-based trading firm, in a Telegram message. “After three consecutive days of losses, the outlook for crypto remains uncertain.”

Ether (ETH) fell by 2%, while XRP showed relative strength with a modest 1.1% decline after Thursday’s brief sell-off. Solana (SOL) saw a slight gain of 0.2%, with VanEck forecasting the token to reach $520 by the close of 2025.

Traders are bracing for further market volatility next week, with several external factors adding to uncertainty.

“It’s been a volatile week as China demonstrates it can take decisive actions in response to new tariff policies,” said Jeff Mei, COO of BTSE. “They have an array of leverage tools at their disposal that could have an impact.”

Mei also noted that the impact of Trump-era tariffs on the EU, China, Canada, and Mexico has yet to be fully felt. “The market is likely to remain fluctuating until the full effects of these tariffs take shape,” Mei added.

The U.S. Non-Farm Payrolls (NFP) report, set for release soon, will provide vital data on U.S. job creation, unemployment, and wage growth. This report plays a key role in shaping market expectations regarding Federal Reserve interest rate policy.

Strong job growth could stoke inflation fears, leading to expectations for interest rate hikes, while weak data could signal an economic slowdown, lowering rate hike projections and impacting both bond yields and currency values.

Bitcoin’s price typically reacts to these economic shifts, influenced by changes in market risk sentiment, liquidity, and the value of the U.S. dollar. A positive payrolls report could trigger a “risk-on” mood, boosting Bitcoin and the wider crypto market, while a disappointing report may have the opposite effect.

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